JAPAN: Nikkei hits two-month low as exporters hurt by a stronger yen fall while Toyota up after its president apologized on recalls

Record ID: 462914

  • Title: JAPAN: Nikkei hits two-month low as exporters hurt by a stronger yen fall while Toyota up after its president apologized on recalls
  • Date: 9th February 2010
  • Summary: TOKYO, JAPAN (FEBRUARY 8, 2010) (REUTERS) EXTERIOR OF TOKYO STOCK EXCHANGE (TSE) BUILDING MONITORING FLOOR GLASS ROOM VARIOUS OF TSE MONITORING OFFICIALS AT WORK ELECTRONIC TICKER SHOWING TOYOTA SHARES UP 25 POINTS TO 3,340 ELECTRONIC STOCK BOARD ELECTRONIC STOCK BOARD SHOWING THE NIKKEI 225 AVERAGE CLOSING AT 10,007.98, DOWN 49.11 POINTS MORE OF STOCK EXCHANGE INTERIOR NAGOYA, JAPAN (FEBRUARY 5, 2010) (REUTERS) (*** BEWARE OF FLASH PHOTOGRAPHY *** ) PRESIDENT OF TOYOTA MOTOR CORPORATION AKIO TOYODA AND VICE PRESIDENT SHINICHI SASAKI ENTERING NEWS CONFERENCE FACE OF TOYODA JOURNALISTS AND CAMERAMEN COVERING THE CONFERENCE TOYODA SPEAKING TO CONFERENCE TOYODA BOWING AND TAKING SEAT AFTER SPEECH TOKYO, JAPAN (FEBRUARY 5, 2010) (REUTERS) TOYOTA AUTO SALON SHOWROOM SIGN OF TOYOTA AUTO SALON TOYOTA SHOWROOM TOYOTA EMPLOYEE TALKING TO CUSTOMER CUSTOMER LOOKING AT TOYOTA PRIUS PRIUS INTERIOR PRIUS WHEEL FRONT WHEEL BRAKE MORE OF PRIUS
  • Embargoed: 24th February 2010 12:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: Industry
  • Reuters ID: LVAEAKO7OCEIZCUWJSODTLFMUWU1
  • Story Text: The Nikkei average hit its lowest in two months below 10,000 on Monday (February 8), but shares of Toyota recovered after its president apologised on Friday (February 5) for safety problems and said the automaker would bring in outside experts to review quality controls.
    A strong yen hurt exporter shares such as Sony Corp's, while anxiety over fiscal problems in Europe continued to dent investor confidence.
    Sony Corp slipped 0.8 percent to 3,060 yen, while Honda Motor Co declined 0.7 percent to 3,080 yen.
    Toyota added 1.2 percent to 3,355 yen, in what market players called a rebound, with investors buying on dips.
    Still, gains in Toyota's stock in Tokyo were modest in comparison to a 4 percent jump for its U.S.-listed shares on Friday (February 5) following a news conference by Toyota's President Akio Toyoda. The stock has lost one-fifth of its value in the past two weeks.
    Toyoda, the grandson of Toyota's founder, apologised on Friday for safety problems and said the automaker would bring in outside experts to review quality controls, a highly unusual action for a company that has epitomised world-beating industrial standards.
    Toyoda's comments were his most extensive since the latest recall began in January.
    The benchmark Nikkei was down 0.2 percent at 10,040.28, after falling as low as 9,952.64, its lowest since December 11.
    The broader Topix retreated 0.2 percent to 890.24.
    The Nikkei business daily said on its website that Toyota is also considering a recall for Sai and Lexus gasoline-electric hybrid models that use the same brake system as the Prius. And a local dealer told Reuters, Toyota was considering issuing a recall for Prius later this week.
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